Ensuring transparency of customer and partner data by checking millions of records with multiple sanctions and PEP lists. Discover how one of the top 5 insurers in Germany maintains an accurate customer database while minimizing manual effort.
R+V is the insurer of the Volksbanken Raiffeisenbanken financial group and works with its cooperation partners to offer comprehensive financial services. The majority shareholder is DZ BANK AG.
As part of its compliance obligations, R+V insurance checks its partner portfolio against current checklists on a daily basis, which involves cross-checking up to 30 million or so customer data sets with several hundred thousand data records from sanctions and PEP lists.
Many insurance companies import data from multiple list providers such as WorldCompliance, Refinitiv or the Office of Foreign Assets Control (OFAC) SDN list. R+V has also decided to use multiple sanctions lists.
For R+V, the hit configuration applied across the entire database is a top priority. To cope with the huge volume of data, the hit configuration is constantly optimised and extended selectors are used to minimise false positives.
The insurer opted for ACTICO Customer Screening because it allows them to achieve their defined goals:
„My impression is that ACTICO has delivered an all-round trouble free package. We are 100 percent convinced that we've made the right choice with the customer screening software and ACTICO as a partner.”
The project manager of R+V Insurance (Germany)
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